Bank · FDIC insured
Varo Bank
A $337.8M bank headquartered in Draper, UT, with 1 branch in Utah. It opens accounts online nationwide.
Rates
No Carrot Score yet: it needs scores for at least two of CDs, savings, auto loans and credit cards. CDs: no accounts of this kind found on its website. Savings: published rates need another account or activity, so they are not scored. Auto loans: no rates found on its website. Credit cards: only rates Carrot doesn’t compare are published (introductory, refinance or business rates, or none at all).
- Savings—3.75%Needs another account or monthly activitySavings rates →
Deposits are federally insured by the FDIC up to $250,000 per depositor.
About Varo Bank
Founded in 2015 in San Francisco, California, Varo received a national bank charter from the Office of the Comptroller of the Currency in 2020.
The digital platform was created to advance financial inclusion and economic opportunity for all.
After launching its app in 2017 with The Bancorp Bank, Varo partnered with CVS in 2024 to offer fee-free cash deposits nationwide.
- Headquarters
- 11781 S Lone Peak Pkwy, Draper, UT 84020
- FDIC certificate
- 59190 ↗
Branches
1 branch in Utah
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Utah
1 branch
- Varo Bank, National AssociationMain office11781 S Lone Peak Pkwy, Draper, UT 84020Directions
Walk-in offices from the FDIC directory as of September 4, 2026. Directions open Google Maps. A nearby branch doesn’t mean you can join or open an account.
Financial details
| Measure | This bank | Peers’ middle | Strongest quarter |
|---|---|---|---|
| CapitalLeverage ratio | 18.46% | 10.98% | 13.00% or more |
| Troubled loansNoncurrent | 0.42% | 0.42% | 0.09% or less |
| ProfitabilityReturn on assets | -25.68% | 1.24% | 1.68% or more |
| LendingLoans per $100 deposited | $46 | $81 | — |
- CapitalLeverage ratio18.46%Peers’ middle 10.98% · Top 25% 13.00%+
- Troubled loansNoncurrent0.42%Peers’ middle 0.42% · Top 25% ≤0.09%
- ProfitabilityReturn on assets-25.68%Peers’ middle 1.24% · Top 25% 1.68%+
- LendingLoans per $100 deposited$46Peers’ middle $81
Compared with the 2,650 banks with $100 million to $1 billion in assets. The strongest quarter is what the best 25% of them reach: more capital and profit, fewer troubled loans. Lending has no better end.Troubled loans are noncurrent: 90 or more days late, or no longer earning interest.
Regulators’ own ratings of Varo Bank are confidential. These figures are what it reports to the FDIC each quarter, set beside its peers; they aren’t a rating.